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Oxford chases £1.25bn donations Oxford seeks £1.25bn in donations
(about 9 hours later)
Oxford University is launching a £1.25bn fundraising drive to put it "on a level playing field" with the leading universities in the United States.Oxford University is launching a £1.25bn fundraising drive to put it "on a level playing field" with the leading universities in the United States.
The campaign is being touted as the biggest money-raising project in European university history.The campaign is being touted as the biggest money-raising project in European university history.
The university, appealing to alumni and philanthropists, will also announce existing pledges worth £575m.The university, appealing to alumni and philanthropists, will also announce existing pledges worth £575m.
Among those calling for further contributions are David Cameron and the university's chancellor, Lord Patten.Among those calling for further contributions are David Cameron and the university's chancellor, Lord Patten.
The launch of the Campaign for the University of Oxford will aim to secure the finances of the university "in a world of uncertain state funding and growing global competition".The launch of the Campaign for the University of Oxford will aim to secure the finances of the university "in a world of uncertain state funding and growing global competition".
EndowmentsEndowments
It will promise new buildings for research centres and libraries and provide the cash for the "best scholars, tutors and researchers internationally".It will promise new buildings for research centres and libraries and provide the cash for the "best scholars, tutors and researchers internationally".
The university, competing in a globalised higher education arena, wants to create a more systematic means of fundraising, more like the endowments amassed by major US universities.The university, competing in a globalised higher education arena, wants to create a more systematic means of fundraising, more like the endowments amassed by major US universities.
Harvard University has an annual income of £1.5bn and an endowment worth £17.7bn.Harvard University has an annual income of £1.5bn and an endowment worth £17.7bn.
Former Oxford student Michael Palin will be among those launching the fundraiser, which will be promoted by a campaign committee and a range of patrons.Former Oxford student Michael Palin will be among those launching the fundraiser, which will be promoted by a campaign committee and a range of patrons.
Among those asking for donations, alongside Conservative leader David Cameron, will be venture capitalist Sir Ronald Cohen, publisher Lord Weidenfeld, Lord Sainsbury and former Conservative cabinet member Lord Waldergrave.Among those asking for donations, alongside Conservative leader David Cameron, will be venture capitalist Sir Ronald Cohen, publisher Lord Weidenfeld, Lord Sainsbury and former Conservative cabinet member Lord Waldergrave.
Writers Seamus Heaney and Mario Vargas Llosa are also promoting the campaign.Writers Seamus Heaney and Mario Vargas Llosa are also promoting the campaign.
Funding levels
Oxford University currently has almost 20,000 students: 12,106 undergraduates and 7,380 postgraduates.Oxford University currently has almost 20,000 students: 12,106 undergraduates and 7,380 postgraduates.
The university has faced criticism that only 54% of its undergraduate intake has come from state schools. The university says that it gives more than a third of its additional fee income to lower-income students.The university has faced criticism that only 54% of its undergraduate intake has come from state schools. The university says that it gives more than a third of its additional fee income to lower-income students.
A spokesman for the department for Innovation, Universities and Skills said: "It is right that universities seek to raise funds through their own initiatives.
"Public spending on higher education institutions will exceed £7bn in 2008-09 and will have increased by over 30% in real terms by 2011 since 1997. The government spends £6bn a year on research."
He said research from the Organisation for Economic Cooperation and Development showed there was a global trend to increase the proportion of total higher education funding from non-public sources and that private funding added to, rather than displaced, public money.